OLeary flying high as personal taxi service firm remains profitable

By Gordon Deegan

Monday, July 09, 2012

Tillingdale Ltds financial performance last year may not be enough to persuade Michael OLeary to leave the airline business anytime soon, but the Ryanair bosss taxi firm remains profitable.

The firm provides a personal taxi service to Mr OLeary and the figures show that its accumulated profits increased by more than 7% from 582,637 to 624,144 last year.

Mr OLeary and his wife, Anita, are Tillingdale Ltds directors and the firm provides a taxi service for Mr OLeary to his workplace at Ryanairs Dublin Airport headquaraters from his home in Mullingar.

Mr OLearys purchase of a taxi plate sparked outrage and amusement in 2003, allowing the Ryanair chief executive to travel to work on the 174km round trip in taxi and bus lanes.

However, the enterprise is perfectly legal as long as Mr OLearys journeys are metered and the vehicle has a driver present.

The company established in 2000 and which also provides horse breeding services is wholly owned by the OLearys.

Tillingdales cash decreased from 813,197 to 547,218 in the 12 months to the end of August last year. But, in spite of the drop in cash, the firms balance sheet strengthened with net assets increasing from 582,640 to 624,147. This followed a large drop in the companys creditors, decreasing from 482,162 to 204,590.

See the rest here:
O’Leary flying high as personal taxi service firm remains profitable